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Research by CGS
ADD – TP RM0.30

"Depressed share price awaits its catalyst”

■ We cut our FY24-26F EPS forecasts and reduce our DCF-based TP to 30 sen, as we moderate our assumptions given potential Petronas capex cuts.
■ Still, we reiterate Add as, in the rush to sell, investors have pushed Velesto’sshare price down to a level that implies a major downturn. 

Analyst:
Raymond YAP, CFA
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$KLSE-VELESTO
Research by CGS
ADD – TP RM0.30

"Depressed share price awaits its catalyst”

■ We cut our FY24-26F EPS forecasts and reduce our DCF-based TP to 30 sen, as we moderate our assumptions given potential Petronas capex cuts.
■ Still, we reiterate Add as, in the rush to sell, investors have pushed Velesto’sshare price down to a level that implies a major downturn. 

Analyst:
Raymond YAP, CFA
 raymond.yap@cgsi.com